Pranab Mukherjee says RBI to announce measures to revive rupee

Pranab Mukherjee has said the Reserve Bank of India (RBI) will announce measures later on Monday to help revive the Indian rupee and the economy.

"The Reserve Bank of India is going to issue circular, as and when it is ready...during the day it will be announced," the finance minister told reporters outside his North Block office.

The finance minister refused to divulge any details of the measures to be announced by the central bank.

"Let's wait for the notification," he said.

Pranab Mukherjee had said last week in Kolkata that the government and RBI would announce some steps to defend the currency and revive the economic and industrial growth.

The Indian rupee and the markets recovered on expectations of the new measures. After hitting a record low of 57.33 against a dollar last week, the rupee strengthened by more than one per cent.

The partially convertible rupee was trading at 56.58 against a dollar in the afternoon session, up nearly one per cent from its previous trading session close at 57.12.

The BSE Sensex was trading 109.90 points, or 0.65 per cent, higher at 17,082.41 at 2.16 pm.

With IANS inputs